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A Letter of Intent For Selling Property is commonly used in Saudi Arabian real estate transactions as an initial step before entering into a binding sale agreement. This document is particularly relevant when parties need to establish their preliminary understanding while maintaining flexibility for negotiations. It typically precedes more detailed due diligence and the final sale agreement, outlining key commercial terms such as price, timeline, and conditions. The document must align with Saudi Arabian real estate regulations and Sharia law principles, making it essential to include specific provisions for Islamic finance compliance where applicable. While most provisions are non-binding, certain elements like confidentiality and exclusivity periods may be explicitly binding. This document is particularly important in complex property transactions or when dealing with foreign investors, as it helps establish clear expectations while navigating Saudi Arabia's unique legal and regulatory framework.

1. Date and Parties: Full legal names and addresses of both the potential seller and buyer

2. Subject Property: Detailed description of the property including location, size, type, and any relevant registration numbers

3. Purchase Price: Proposed purchase price and any preliminary payment terms

4. Transaction Timeline: Proposed timeline for due diligence, definitive agreement, and closing

5. Due Diligence: Outline of the due diligence process and requirements

6. Confidentiality: Statement regarding confidentiality of discussions and shared information

7. Non-Binding Nature: Clear statement that the LOI is non-binding except for specified provisions

8. Closing Conditions: Key conditions that need to be met before proceeding with the transaction

9. Exclusivity Period: Period during which the seller agrees not to negotiate with other parties